In an age of austerity, the public mood seems to be suggesting that the way to raise money and spirits is through further tax crackdown.

High earners escaped a slamming in the 2012 budget with a welcome drop in the top rate of income tax, but corporations may not be so lucky.

The headlines surrounding Amazon, Starbucks, eBay (the list goes on…) have not helped multinational businesses based in the UK, which are now more than likely to come in for scrutiny.

If the Chancellor wants to increase UK tax revenues from these companies, he will need to review the UK rules on what counts as an allowable business expense payable to offshore entities based in lower-tax regimes.

What should be of more importance to the Chancellor, however, is forging an international understanding on this topic.

Companies cross countries, but governments don’t, unless they work together. If these governments want to keep taxes raised on profits made within their borders – and they should – then they have to wake up and realise that they need to work together.

This won’t be easy, but it has been done before: just look at the impressive G20 teamwork used to counter money laundering.

A concerted international effort is needed to make any progress here, and the autumn statement would make a good platform from which to start.

The dodging of tax comes in all shapes and sizes, and the Government’s efforts to counter these practices have so far been largely ineffective; hence the proposal earlier this year for a general anti-abuse rule (Gaar).

Things have, however, gone relatively quiet on the Gaar front of late but, with other countries moving ahead on similar legislation and increased pressure from all angles, it would not be a huge surprise if some reference were made to it this week.

Catching “abusive” or “aggressive” acts of tax avoidance is very tricky, as this first requires defining them. The actual wording used in the Gaar will therefore be critical to its success, as a letter out of place could mean the difference between an effective and flexible tool and a draconian clampdown on almost any form of innocuous tax planning.

The idea behind a Gaar is to reduce the burden on HMRC, but if Osborne does make his long-awaited announcement in December, he will need to be careful it doesn’t result in the complete opposite. If the Gaar is not word-perfect, taxpayers will be arguing with HMRC till the cows come home.

The other tax issue high on the agenda is relief on pensions. The Liberal Democrat manifesto actually contained a plan to scrap higher-rate tax relief on pensions altogether, so a lower annual limit may be an acceptable Coalition compromise.

One problem with this is that it discriminates against those without an even flow of income; why should they not be allowed to take full advantage of tax reliefs when they have a particularly successful year?

Furthermore, there is already a lifetime limit in place that does a good job of stopping abuse of the tax relief available, making the change entirely unnecessary.

This country has a long road to travel over the next few years but, after so many U-turns, which followed his budget statement earlier this year, Osborne’s speech this week – virtually halfway through the term of this parliament – is critical.

Latest estimates have pushed the timing of the recovery out to 2018. It is time for him to strike the right balance over tax.

Ronnie Ludwig is a partner in the private wealth group at accountancy firm Saffery Champness